A few weeks ago I wrote up what agents were paying for on NetIntel, my platform of pay-per-call APIs settled in USDC over x402 — no signup, no API keys, no accounts. An agent hits an endpoint, gets a 402 Payment Required
, pays a fraction of a cent, and gets structured data back. That's the whole loop.
Since then the dataset has grown, I've instrumented every settled call into a proper database (payer wallet, endpoint, price, latency, transaction hash), and I've launched a second settlement rail. So this is the rewrite with real numbers instead of eyeballed ones — and the findings didn't soften. They sharpened.
2,646 settled paid calls from 194 distinct paying wallets, across 101 live endpoints, over six weeks of instrumented production data. Every call in this dataset is a real on-chain payment with a transaction hash — no test traffic, no estimates. Settlement runs on Base, and as of this month on Solana too.
This is still one platform's data in a young ecosystem — the caveats are at the bottom, and one of them is bigger than it looks. But the shape has now held for six weeks straight, and it's the same shape I flagged the first time.
Five endpoints drive 69% of all revenue. One of them — a text-to-structure endpoint that takes messy input and returns strict typed JSON — is 42% by itself. The rest of the top five are all in the same family: translation, structured LLM inference, and one domain-intelligence report.
The other 96 endpoints split the remaining 31%. Thirty-five of the 101 have never been paid for once. Not "underperformed" — zero settled calls, ever.
When I first published this pattern I wondered if it was an artifact of a small sample. The dataset has since more than doubled and the concentration ratio barely moved. I now treat it as the market talking, not noise.
Here's the part I'd want to know if I were reading this: that 42% endpoint is essentially one buyer — a wallet running a daily cron that has settled a payment nearly every day for six weeks. Mid-month I doubled that endpoint's price. The buyer didn't for a single day. When an agent has wired your endpoint into a workflow that works, the price of the call is nothing next to the cost of replacing it. Which leads directly to —
I built NetIntel as a network intelligence platform — DNS forensics, IP reputation, certificate transparency, the works. What actually earns is transformation: schema extraction, translation, structured inference, sentiment. Text goes in messy, structure comes out guaranteed.
Four of the top five earners are transformation endpoints. The network-intelligence catalog I was proudest of — the technically hardest stuff — makes up most of the 35 endpoints nobody has ever paid for.
The reframe from the first article still holds, so I'll restate it plainly: an agent's expensive problem isn't accessing data, it's trusting the shape of what it already has. A blob of text it must parse itself costs tokens, a fragile parsing step, and an entire error branch for "what if this comes back malformed." A guaranteed clean structure removes that liability in one call. The most valuable thing I sell isn't information — it's the removal of the agent's own uncertainty.
This one got more extreme with more data. The two most-called endpoints on the platform — a cheap utility lookup and a content extractor, together nearly 35% of all call volume — combine for 6.3% of revenue. The third-most-called endpoint, on nearly identical call volume, is the text-to-structure endpoint making 42%.
Spend tracks the value of the task completed, not the frequency of the call. If you optimize for the metric that's easiest to see on a dashboard — call count — you will double down on exactly the wrong endpoints.
This is the one the new instrumentation surfaced, and it complicates the "kill the breadth" conclusion from my first write-up.
I track which endpoint each wallet paid for first. The winner isn't close: my cheapest utility endpoint was the first paid touch for 39% of all wallets. And those wallets went on to spend, across the whole catalog, 3.4× what that endpoint itself has ever earned.
The pattern repeats down the acquisition table: cheap, low-stakes, easy-to-verify calls are how agents try a new provider. Then the cross-sell data shows them fanning out — more than half of all wallets have paid for at least two different endpoints, and 92% of wallets came back for more than one paid call.
So the catalog isn't just dead weight plus five winners. It's a funnel:
The 35 never-called endpoints are still dead weight. But I'm no longer treating "low revenue" alone as a kill signal — the question for each endpoint is now does it earn, or does it acquire? An endpoint that does neither, goes.
None of that changes the headline, which has now survived a doubling of the dataset: agent spend is extreme in its concentration, it favors transformation over raw data, it ignores call volume entirely — and the cheap calls that earn nothing are how the expensive relationships start. If you're building for this market, plan for a few things carrying everything, figure out which few as fast as you can, and don't delete the front door while you're trimming.
I run NetIntel — pay-per-call network and structured-data intelligence for agents over x402, on Base and Solana. If you're building agents and want to compare notes on what your traffic actually pays for, I'm genuinely interested; that's the data I wish more people published.